HOUSTON -- Cobalt International Energy and Sonangol have formed a partnership to explore in the Gulf of Mexico and offshore Angola.
Cobalt will assign 25% of its working interest in 11 Gulf of Mexico deepwater leases to Sonangol Exploration and Production International. Additionally, Cobalt and Sonangol have agreed to a Joint Participation Area in the GoM for any future joint venture opportunities between the parties. Cobalt will remain operator of these blocks on behalf of the partnership.
Sonangol also announced that Cobalt will be assigned a 40% working interest in the consortium for blocks 9 and 21 offshore Angola. Cobalt will be designated as operator of the consortium for the two deepwater offshore blocks. Additionally, Sonangol and Cobalt have agreed to consider other joint participation opportunities between the parties offshore Angola.
Cobalt and Sonangol anticipate drilling to begin on the jointly held GoM leases as early as this summer. Drilling in Angola is anticipated in 2010.